Newsdash Insight on Plan Design & Investment Strategy from PLANSPONSOR
April 3rd, 2019
Benefits & Administration
People With Greater Financial Literacy Save More
Individuals who scored higher on a financial literacy quiz were more likely to save for retirement and more likely to have savings outside of a retirement plan. Read more >
PLANSPONSOR Awards
Southwest Airlines
An expanded profile is now available for PLANSPONSOR’s Plan Sponsor of the Year award winner in the Total Retirement Offering category. Read more >
MOST READ ARTICLES
1
Principal Pledges Seamless Transition for Wells Fargo Recordkeeping Clients
2
Study Suggests Reasons Most Physical Wellness Programs Don’t Work
3
Lowe’s Defense Fails to Get ERISA Suit Dismissed
4
Schwab Arbitration Ruling Leaves Unanswered Questions
5
Employer Health Benefit Costs to Rise 6.5% in 2020
Phillips Companies
An expanded profile is now available for PLANSPONSOR’s Plan Sponsor of the Year award winner in the Corporate 401(k) <$25MM category. Read more >
Products, Deals and People
Pentegra Offers Guide for Millennials to Get on Path to Financial Wellness
The report discusses the power of compounding, finding extra dollars to save, saving for college and retirement and managing debt, and provides asset allocation guidance. Read more >
Firm Launches Service to Monitor Retirement Plan Advisers
The new service by Clear Disclosure Partners is used by TPAs, recordkeepers, and retirement plan consultants to assist plan sponsor clients in monitoring the ongoing regulatory disclosure information of registered financial advisers providing investment advice. Read more >
Economic Events

New orders for manufactured durable goods in February decreased $4.2 billion or 1.6% to $250.6 billion, the U.S. Census Bureau announced. This decrease, down following three consecutive monthly increases, followed a 0.1% January increase. Excluding transportation, new orders increased 0.1%. Excluding defense, new orders decreased 1.9%. Transportation equipment, also down following three consecutive monthly increases, drove the decrease, $4.3 billion or 4.8% to $86.0 billion.

Market Mirror

Tuesday, the Dow closed 79.29 points (0.30%) lower at 26,179.13, the NASDAQ closed 19.78 points (0.25%) higher at 7,848.69, and the S&P 500 was virtually unchanged at 2,867.24. The Russell 2000 was down 2.74 points (0.18%) at 1,553.33, and the Wilshire 5000 decreased 42.05 points (0.14%) to 29,565.38.

The price of the 10-year Treasury note was up 9/32, decreasing its yield to 2.471%. The price of the 30-year Treasury bond increased 11/32, bringing its yield down to 2.873%.

Compliance
House Committee Quickly Advances SECURE Act
The House Ways & Means Committee has advanced the “Setting Every Community Up For Retirement Enhancement Act of 2019,” or SECURE Act, making the move less than a week after the bill’s formal introduction. The vote by the Ways & Means Committee clears the path for full House consideration of the sweeping retirement reform legislation, which has subsumed many provisions of the popular and bipartisan Retirement Enhancement and Savings Act of 2019. Read more >
What’s Actually in the Retirement Enhancement and Savings Act of 2019?
A 2019 version of the popular “RESA” legislation has been reintroduced in the Senate, and to mark the occasion, the Insured Retirement Institute (IRI) has provided a section-by-section summary of the sweeping retirement reform proposal. Read more >
IRS Updates Operational Compliance List for Retirement Plans
2019 items for which plan amendments may be needed include changes to hardship withdrawal regulations, retirement plan relief for victims of 2018 hurricanes and nondiscrimination relief for closed defined benefit (DB) plans. Read more >
Industry Voices
DB Plan Termination Readiness Assessments: Lessons Learned
Lauren Meyer and Kevin Morrison, River and Mercantile Solutions, discuss critical areas to consider in order to determine defined benefit plan termination readiness, and provide case studies as examples. Read more >
Ask the Experts
Are Paper Beneficiary Designation Forms Required?
“I read with great interest your recent Ask the Experts column regarding who is responsible for beneficiary designations. Though the column makes reference to electronic beneficiary designations I was wondering if the law requires forms with original “wet” signatures which would, of course, preclude the use of electronic beneficiary designations. Can the Experts clarify if electronic designations are indeed permitted?” Read more >
Small Talk
Forty-three percent of workers surveyed by Accountemps said it’s common for employees at their firms to prepare their taxes during business hours. Half of respondents indicated employees use company equipment and resources to complete tax paperwork. Michael Steinitz, with Accountemps, has a warning for those who do. Read more >

ON THIS DATE: In 1776, George Washington received an honorary Doctor of Laws degree from Harvard College. In 1860, the first Pony Express riders left St. Joseph, Missouri, and Sacramento, California. The trip across country took about 10 days. The Pony Express only lasted about a year and a half. In 1865, Union forces occupied the Confederate capital of Richmond, Virginia. In 1882, the outlaw Jesse James was shot in the back and killed by Robert Ford for a $5,000 reward. There was later controversy over whether it was actually Jesse James that had been killed. In 1936, Richard Bruno Hauptmann was executed for the kidnapping and death of the son of Charles and Anne Lindbergh. In 1942, the Japanese began their all-out assault on the U.S. and Filipino troops at Bataan. In 1948, President Harry Truman signed the Marshall Plan to revive war-torn Europe. It was $5 billion in aid for 16 countries. In 1949, Dean Martin and Jerry Lewis debuted on radio on the “Martin and Lewis Show”. In 1953, “TV Guide” was published for the first time. In 1968, Martin Luther King Jr. delivered his “mountaintop” speech just 24 hours before he was assassinated. In 1993, the Norman Rockwell Museum opened in Stockbridge, Massachusetts. In 1996, Unabomber suspect Theodore Kaczynski was arrested. In 2000, a federal judge ruled that Microsoft had violated U.S. antitrust laws by keeping “an oppressive thumb” on its competitors. In 2010, the first Apple iPad was released.

 

WEDNESDAY WISDOM: “We shall never know all the good that a simple smile can do.”—Mother Teresa

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Editorial: Alison Cooke Mintzer alison.mintzer@strategic-i.com

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